Federal Register / Vol. 63, No. 130 /Wednesday, July 8, 1998 / Notices 36943

recommendations to the Boston Harbor

Islands Partnership with respect to the

development and implementation of the

Integrated Management Plan and the

operation of this new national park area.

In 1996 Congress created the Boston

Harbor Islands National Recreation Area

to recognize the rich natural and

cultural resources and history found on

the 30 islands located in Boston Harbor.

The legislation (P.L. 104–333)

established a thirteen-member

partnership to jointly manage the

Islands. The 13-member Partnership

represents city, state, federal and private

agencies with responsibilities for the

harbor islands.

Dated: June 30, 1998.

Bruce Jacobson,

Acting Project Manager, Boston Harbor

Islands National Recreation Area.

[FR Doc. 98–18026 Filed 7–7–98; 8:45 am]

BILLING CODE 4310–70–M

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 98–35;

Exemption Application Nos. D–10546]

Grant of Amendment to Prohibited

Transaction Exemption (PTE) 97–35

Involving the Amalgamated Bank of

New York (the Bank) Located in New

York, NY

AGENCY: Pension and Welfare Benefits

Administration, U.S. Department of

Labor.

ACTION: Grant of Amendment to PTE 97–

35.

SUMMARY: This document contains a

final exemption which amends PTE 97–

35 (62 FR 41088, July 31, 1997), an

individual administrative exemption

involving the provision of banking

services by the Bank to 22 employee

benefit plans (the Plans) listed in the

exemption, all of which are affiliated

with the Union of Needletrades,

Industrial and Textile Employees

(UNITE), which is the majority and

controlling shareholder in the Bank.

These transactions are described in a

notice of pendency that was published

in the Federal Register on March 30,

1998 at 63 FR 15228.

EFFECTIVE DATE: This exemption is

effective as of July 1, 1995, except for:

(1) Plan investments in the LEI Fund,

for which the effective date is January

3, 1998; (2) Plan investments in the

LongView 500 Index Fund, for which

the effective date is December 8, 1997;

and (3) transactions involving the

UNITE Staff Retirement Plan, for which

the effective date is July 8, 1998.

FOR FURTHER INFORMATION CONTACT: Mr.

Ron Willett, Office of Exemption

Determinations, Pension and Welfare

Benefits Administration, U.S.

Department of Labor, Washington, D.C.

20210, telephone (202) 219–8881. (This

is not a toll-free number.)

SUPPLEMENTARY INFORMATION: On March

30, 1998, the Department of Labor (the

Department) published a notice of

proposed exemption (the Notice) in the

Federal Register (63 FR 15228) to

amend PTE 97–35. PTE 97–35 provides

an exemption from certain prohibited

transaction restrictions of sections

406(a), 406(b)(1) and (b)(2) of the

Employee Retirement Income Security

Act of 1974 as amended (the Act), and

from the sanctions resulting from the

application of section 4975 of the

Internal Revenue Code of 1986 as

amended (the Code), by reason of

section 4975(c)(1)(A) through (E) of the

Code. The Notice was requested in an

application filed on behalf of the Bank

pursuant to section 408(a) of the Act

and section 4975(c)(2) of the Code, and

in accordance with the procedures set

forth in 29 CFR Part 2570, Subpart B(55

FR 32836, August 10, 1990) (the

Procedures). Effective December 31,

1978, section 102 of Reorganization Plan

No. 4 of 1978 (5 USC App.1, 1996)

transferred the authority of the Secretary

of the Treasury to issue exemptions of

the type requested to the Secretary of

Labor. Accordingly, this exemption is

being issued solely by the Department.

WRITTEN COMMENTS: The Notice gave

interested persons the opportunity to

comment and to request a public

hearing on the matters described

therein. The Department received one

written comment and no hearing

requests from interested persons

following the dissemination of the

Notice and supplemental statement.

The written comment received by the

Department was submitted on behalf of

the Bank concerning the effective date

of a portion of the requested exemption,

as proposed in the Notice. In this regard,

the Notice proposed that the effective

date for the final exemption be

described as follows:

Effective Date: This exemption will be

effective as of July 1, 1995, except for: (1)

Plan investments in the LEI Fund, for which

the effective date will be January 3, 1998; (2)

Plan investments in the LongView 500 Index

Fund, for which the effective date will be the

date on which the final amended exemption,

if granted, is published in the Federal

Register; and (3) transactions involving the

UNITE Staff Retirement Plan, for which the

effective date will be the date on which the

final amended exemption, if granted, is

published in the Federal Register.

The Bank states that in its exemption

application a request was made for the

final exemption to be effective as of the

date the application was filed with the

Department (i.e., December 4, 1997)

with respect to Plan investments in the

LongView 500 Fund (the 500 Fund),

because the Bank had expected that

Plan investments in the 500 Fund

would occur shortly after such filing.

However, in the Notice, the proposed

effective date with respect to Plan

investments in the 500 Fund was

inadvertantly described as the date on

which the final exemption, if granted,

would be published in the Federal

Register. In its comment, the Bank

explains that the actual date of the first

investment made by a Plan in the 500

Fund was December 8, 1997, when the

ILGWU Death Benefit Plan (one of the

Plans covered by PTE 97–35) made such

an investment. Therefore, the Bank

requests that the final exemption for

Plan investments in the 500 Fund be

effective as of December 8, 1997. In the

final exemption, the Department has

stated the effective date in accordance

with the Bank’s request, by inserting a

reference to the appropriate date in both

the definition of ‘‘Banking Services’’ in

Section IV(c) and the effective date

paragraph for this Grant notice.

Based on the entire application

record, including the Bank’s written

comment regarding the Notice, the

Department has determined to grant the

amendment to PTE 97–35 with the

modification to the effective date

requested by the Bank.

General Information

The attention of interested persons is

directed to the following:

(1) The fact that a transaction is the

subject of an exemption under section

408(a) of the Act and section 4975(c)(2)

of the Code does not relieve a fiduciary

or other party in interest or disqualified

person from certain other provisions of

the Act and the Code, including any

prohibited transaction provisions to

which the exemption does not apply

and the general fiduciary responsibility

provisions of section 404 of the Act,

which require, among other things, a

fiduciary to discharge his or her duties

respecting the plan solely in the interest

of the participants and beneficiaries of

the plan and in a prudent fashion in

accordance with section 404(a)(1)(B) of

the Act; nor does it affect the

requirements of section 401(a) of the

Code that the plan operate for the

exclusive benefit of the employees of

the employer maintaining the plan and

their beneficiaries;
36944 Federal Register / Vol. 63, No. 130 /Wednesday, July 8, 1998 / Notices

(2) The exemption will not extend to

transactions prohibited under section

406(b)(3) of the Act and section

4975(c)(1)(F) of the Code;

(3) In accordance with section 408(a)

of the Act and section 4975(c)(2) of the

Code and the procedures set forth in 29

CFR Part 2570, Subpart B (55 FR 32836,

32847, August 10, 1990) and based upon

the entire record, the Department finds

that the exemption is administratively

feasible, in the interests of the plans and

their participants and beneficiaries and

protective of the rights of the participant

and beneficiaries;

(4) This exemption will be

supplemental to, and not in derogation

of, any other provisions of the Act and

the Code, including statutory or

administrative exemptions.

Furthermore, the fact that a transaction

is subject to an administrative or

statutory exemption is not dispositive of

whether the transaction is in fact a

prohibited transaction; and

(5) This exemption is subject to the

express condition that the Summary of

Facts and Representations set forth in

the proposed exemption relating to PTE

97–35, as amended by this grant notice,

accurately describe, where relevant, the

material terms of the transactions

consummated pursuant to that

exemption.

Exemption

Under the authority of section 408(a)

of the Act and section 4975(c)(2) of the

Code and in accordance with the

Procedures cited above, the Department

hereby amends PTE 97–35.

Section I—Transactions

The restrictions of sections 406(a),

406(b)(1) and (b)(2) of the Act and the

sanctions resulting from the application

of section 4975 of the Code, by reason

of section 4975(c)(1)(A) through (E) of

the Code, shall not apply, effective July

1, 1995 [except as otherwise indicated

herein], to—

(A) The provision of banking services

(Banking Services, as defined in section

IV(C)) by the Amalgamated Bank of New

York (the Bank) to certain employee

benefit plans (the Plans, as defined in

section IV(E)), which are maintained on

behalf of members of the former

International Ladies Garment Workers

Union (ILGWU), which merged on July

1, 1995 with the Amalgamated Clothing

and Textile Workers Union to form the

Union of Needletrades, Industrial and

Textile Employees (UNITE);

(B) The purchase by the Plans of

certificates of deposit (CDs) issued by

the Bank; and

(C) The deposit of Plans’ assets in

money market or other deposit accounts

established by the Bank; provided that

the applicable conditions of Section II

and Section III are met.

Section II—Conditions

(A) The terms under which the

Banking Services are provided by the

Bank to the Plans, and those under

which the Plans purchase CDs from the

Bank or maintain deposit accounts with

the Bank, are at least as favorable to the

Plans as those which the Plans could

obtain in arm’s-length transactions with

unrelated parties.

(B) The interests of each of the Plans

with respect to the Bank’s provision of

Banking Services to the Plans, the

purchase of CDs from the Bank by any

of the Plans, and the deposit of Plan

assets in deposit accounts established

by the Bank, are represented by an

Independent Fiduciary (as defined in

section IV(D)).

(C) On a periodic basis, not less

frequently than annually, an

Authorizing Plan Fiduciary (as defined

below in section IV(A)) with respect to

each Plan authorizes the representation

of the Plan’s interests by the

Independent Fiduciary and determines

that the Banking Services and any CDs

and depository accounts utilized by the

Plan are necessary and appropriate for

the establishment or operation of the

Plan.

(D) With respect to the purchase by

any of the Plans of certificates of deposit

(CDs) issued by the Bank or the deposit

of Plan assets in a money market

account or other deposit account

established at the Bank: (1) Such

transaction complies with the

conditions of section 408(b)(4) of the

Act; (2) Any CD offered to the Plans by

the Bank is also offered by the Bank in

the ordinary course of its business with

unrelated customers; and (3) Each CD

purchased from the Bank by a Plan pays

the maximum rate of interest for CDs of

the same size and maturity being offered

by the Bank to unrelated customers at

the time of the transaction.

(E) The compensation received by the

Bank for the provision of Banking

Services to the Plan is not in excess of

reasonable compensation within the

meaning of section 408(b)(2) of the Act.

(F) Following the merger of the

ILGWU into UNITE, the Independent

Fiduciary made an initial written

determination that (1) the Bank’s

provision of Banking Services to the

Plans, (2) the deposit of Plan assets in

depository accounts maintained by the

Bank, and (3) the purchase by the Plans

of CDs from the Bank, are in the best

interests and protective of the

participants and beneficiaries of each of

the Plans.

(G) On a periodic basis, not less

frequently than quarterly, the Bank

provides the Independent Fiduciary

with a written report (the Periodic

Report) which includes the following

items with respect to the period since

the previous Periodic Report: (1) a

listing of Banking Services provided to,

all outstanding CDs purchased by, and

deposit accounts maintained for each

Plan; (2) a listing of all fees paid by the

Plans to the Bank for the Banking

Services, (3) the performance of the

Bank with respect to all investment

management services, (4) a description

of any changes in the Banking Services,

(5) an explanation of any problems

experienced by the Bank in providing

the Banking Services, (6) a description

of any material adverse events affecting

the Bank, and (7) any additional

information requested by the

Independent Fiduciary in the discharge

of its obligations under this exemption.

(H) On a periodic basis, not less

frequently than annually, the

Independent Fiduciary reviews the

Banking Services provided to each Plan

by the Bank, the compensation received

by the Bank for such services, any

purchases by the Plan of CDs from the

Bank, and any deposits of assets in

deposit accounts maintained by the

Bank, and makes the following written

determinations:

(1) The continuation of the Bank’s

provision of Banking Services to the

Plan for compensation is in the best

interests and protective of the

participants and beneficiaries of the

Plan;

(2) The Bank is a solvent financial

institution and has the capability to

perform the services;

(3) The fees charged by the Bank are

reasonable and appropriate;

(4) The services, the depository

accounts, and the CDs are offered to the

Plan on the same terms under which the

Bank offers the services to unrelated

Bank customers in the ordinary course

of business; and

(5) Where the Banking Services

include an investment management

service, that the rate of return is not less

favorable to the Plan than the rates on

comparable investments involving

unrelated parties.

(I) Copies of the Bank’s periodic

reports to the Independent Fiduciary are

furnished to the Authorizing Plan

Fiduciaries on a periodic basis, not less

frequently than annually and not later

than 90 days after the period to which

they apply.

(J) The Independent Fiduciary is

authorized to continue, amend, or

terminate, without any penalty to any

Plan (other than the payment of
Federal Register / Vol. 63, No. 130 /Wednesday, July 8, 1998 / Notices 36945

penalties required under federal or state

banking regulations upon premature

redemption of a CD), any arrangement

involving: (1) the provision of Banking

Services by the Bank to any of the Plans,

(2) the deposit of Plan assets in a

deposit account maintained by the

Bank, or (3) any purchases by a Plan of

CDs from the Bank;

(K) The Authorizing Plan Fiduciary

may terminate, without penalty to the

Plan (other than the payment of

penalties required under federal or state

banking regulations upon premature

redemption of a CD), the Plan’s

participation in any arrangement

involving: (1) the representation of the

Plan’s interests by the Independent

Fiduciary, (2) the provision of Banking

Services by the Bank to the Plan, (3) the

deposit of Plan assets in a deposit

account maintained by the Bank, or (4)

the purchase by the Plan of CDs from

the Bank.

Section III—Recordkeeping

(A) For a period of six years, the Bank

and the Independent Fiduciary will

maintain or cause to be maintained all

written reports and other memoranda

evidencing analyses and determinations

made in satisfaction of conditions of

this exemption, except that: (a) a

prohibited transaction will not be

considered to have occurred if, due to

circumstances beyond the control of the

Independent Fiduciary and the Bank,

the records are lost or destroyed before

the end of the six-year period; and (b)

no party in interest other than the Bank

and the Independent Fiduciary shall be

subject to the civil penalty that may be

assessed under section 502(i) of the Act,

or to the taxes imposed by section

4975(a) and (b) of the Code, if the

records are not maintained, or are not

available for examination as required by

paragraph (B) below;

(B)(1) Except as provided in section

(2) of this paragraph (B) and

notwithstanding any provisions of

subsections (a)(2) and (b) of section 504

of the Act, the records referred to in

paragraph (A) of this Section III shall be

unconditionally available at their

customary location during normal

business hours for inspection by: (a) any

duly authorized employee or

representative of the U.S. Department of

Labor or the Internal Revenue Service,

(b) any employer participating in the

Plans or any duly authorized employee

or representative of such employer, and

(c) any participant or beneficiary of the

Plans or any duly authorized

representative of such participant or

beneficiary.

(2) None of the persons described in

subsections (b) and (c) of section (1)

above shall be authorized to examine

trade secrets of the Independent

Fiduciary or the Bank, or any of their

affiliates, or any commercial, financial,

or other information that is privileged or

confidential.

Section IV—Definitions

(A) ‘‘Authorizing Plan Fiduciary’’

means, with respect to each Plan, the

board of trustees of the Plan or other

appropriate plan fiduciary with

discretionary authority to make

decisions with respect to the investment

of Plan assets;

(B) ‘‘Bank’’ means the Amalgamated

Bank of New York;

(C) ‘‘Banking Services’’ means (1)

custodial, safekeeping, checking

account, trustee services, and (2)

investment management services

involving (a) fixed income securities

(either directly or through a collective

investment fund maintained by the

Bank), (b) the LongView Fund

maintained by the Bank, (c) effective

December 8, 1997, the LongView 500

Index Fund, and (d) effective January 3,

1998, the LEI Fund maintained by the

Bank.

(D) ‘‘Independent Fiduciary’’ means a

person, within the meaning of section

3(9) of the Act, who (1) is not an affiliate

of the Union of Needletrades, Industrial

& Textile Employees (UNITE) and any

successor organization thereto by

merger, consolidation or otherwise, (2)

is not an officer, director, employee or

partner of UNITE, (3) is not an entity in

which UNITE has an ownership

interest, (4) has no relationship with the

Bank other than as Independent

Fiduciary under this exemption, and (5)

has acknowledged in writing that it is

acting as a fiduciary under the Act. No

person may serve as an Independent

Fiduciary for the Plans for any fiscal

year in which the gross income (other

than fixed, non-discretionary retirement

income) received by such person (or any

partnership or corporation of which

such person is an officer, director, or ten

percent or more partner or shareholder)

from UNITE and the Plans for that fiscal

year exceed five (5) percent of such

person’s annual gross income from all

sources for the prior fiscal year. An

affiliate of a person is any person

directly or indirectly, through one or

more intermediaries, controlling,

controlled by, or under common control

with the person. The term ‘‘control’’

means the power to exercise a

controlling influence over the

management or policies of a person

other than an individual. Initially, the

Independent Fiduciary is U.S. Trust

Company of California, N.A.

(E) ‘‘Plans’’ means any of the

following employee benefit plans, and

their successors by reason of merger,

spin-off or otherwise:

International Ladies Garment Workers

Union Nation Retirement Fund;

International Ladies Garment Workers

Union Death Benefit Fund;

Health Fund of New York Coat, Suit,

Dress, Rainwear & Allied Workers

Union, ILGWU;

Health & Vacation Fund, Amalgamated

Ladies Garment Cutters Union, Local

10;

ILGWU Eastern States Health & Welfare

Fund;

ILGWU Office, Clerical & Misc.

Employee Retirement Fund;

ILGWU Retirement Fund, Local 102;

Union Health Center Staff Retirement

Fund;

Unity House 134 HREBIU Plan Fund;

Puerto Rican Health & Welfare Fund;

Health & Welfare Fund of Local 99,

ILGWU;

Local 99 Exquisite Form Industries, Inc.

Severance Fund;

Local 99 K-Mart Severance Fund;

Local 99 Kenwin Severance Fund;

Local 99 Lechters Severance Fund;

Local 99 Eleanor Shops Severance

Fund;

Local 99 Monette Severance Fund;

Local 99 Moray, Inc. Severance Fund;

Local 99 Petri Stores, Inc. Severance

Fund;

Local 99 Netco, Inc. Severance Fund;

Local 99 Misty Valley, Inc. Severance

Fund;

Local 99 Norstan Apparel Shops, Inc.

Severance Fund; and

UNITE Staff Retirement Plan, ILGWU

Unit.

(F) ‘‘UNITE’’ means the Union of

Needletrades, Industrial & Textile

Employees and any successor

organization thereto by merger,

consolidation or otherwise.

EFFECTIVE DATE: This exemption is

effective as of July 1, 1995, except for:

(1) Plan investments in the LEI Fund,

for which the effective date is January

3, 1998; (2) Plan investments in the

LongView 500 Index Fund, for which

the effective date is December 8, 1997;

and (3) transactions involving the

UNITE Staff Retirement Plan, for which

the effective date is July 8, 1998.

The availability of this exemption is

subject to the express condition that the

material facts and representations

contained in the application for

exemption are true and complete and

accurately describe all material terms of

the transactions. In the case of

continuing transactions, if any of the

material facts or representations

described in the application change, the
36946 Federal Register / Vol. 63, No. 130 /Wednesday, July 8, 1998 / Notices

1PTE 93–69 provided, in part, an exemption from

certain prohibited transaction restrictions of the

Employee Retirement Income Security Act of 1974

for the acquisition and holding by the Navistar

International Transportation Corporation Retiree

Health Benefit and Life Insurance Plan of shares of

Class B common stock and Series A preference

stock of NIC.

exemption will cease to apply as of the

date of such change. In the event of any

such change, an application for a new

exemption must be made to the

Department.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption, refer to the proposed

exemption (i.e., the Notice) and the

prior grant notice for PTE 97–35, which

are cited above.

Signed at Washington, D.C., this 1st day of

July, 1998.

Ivan L. Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 98–18011 Filed 7–7–98; 8:45 am]

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

Withdrawal of Notice of Proposed

Amendments to Prohibited

Transaction Exemption (PTE 93–69)

Involving the Navistar International

Transportation Corporation (Navistar);

Located in Chicago, IL and the

Supplemental Program Committee of

the Navistar International

Transportation Corporation Retiree

Health Benefit and Life Insurance Plan

(Supplemental Program Committee)

Located in Euclid, OH

[Exemption Application Nos. D–10470 and

D–10576]

AGENCY: Pension and Welfare Benefits

Administration, Department of Labor.

ACTION: On June 19, 1998 the

Department of Labor (Department)

published a notice of proposed

amendments (the Notice) to PTE 93–69

(63 FR 33732). The Notice concerned

proposed amendments to PTE 93–69 to

permit the Supplemental Benefit

Program Trust (Trust) to sell Navistar

International Corporation (NIC)

common stock to either NIC or Navistar

after the expiration of the lockup period

(July 1, 1998) and to allow William

Craig, a member of the Supplemental

Program Committee, to serve on the NIC

board of directors.

In a comment letter dated June 18,

1998, Navistar’s representative informed

the Department that the Trust sold all of

the shares which would have been the

subject of the amendments. Since the

Trust no longer holds the stock it no

longer has the right to appoint any

members of the board of directors of

NIC.1

Due to the above noted changes

regarding the facts and representations

contained in the applications, the

Department has determined to withdraw

this notice of proposed amendments

from the Federal Register. Accordingly,

this notice of pendency is hereby

withdrawn.

Signed at Washington, DC this 30th day of

June, 1998.

Ivan L. Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 98–18009 Filed 7–7–98; 8:45 am]

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Application No. D–10438, et al.]

Proposed Exemptions; Toyota Motor

Credit Corporation

AGENCY: Pension and Welfare Benefits

Administration, Labor.

ACTION: Notice of proposed exemptions.

SUMMARY: This document contains

notices of pendency before the

Department of Labor (the Department) of

proposed exemptions from certain of the

prohibited transaction restrictions of the

Employee Retirement Income Security

Act of 1974 (the Act) and/or the Internal

Revenue Code of 1986 (the Code).

Written Comments and Hearing

Requests

All interested persons are invited to

submit written comments or request for

a hearing on the pending exemptions,

unless otherwise stated in the Notice of

Proposed Exemption, within 45 days

from the date of publication of this

Federal Register Notice. Comments and

requests for a hearing should state: (1)

the name, address, and telephone

number of the person making the

comment or request, and (2) the nature

of the person’s interest in the exemption

and the manner in which the person

would be adversely affected by the

exemption. A request for a hearing must

also state the issues to be addressed and

include a general description of the

evidence to be presented at the hearing.

ADDRESSES: All written comments and

request for a hearing (at least three

copies) should be sent to the Pension

and Welfare Benefits Administration,

Office of Exemption Determinations,

Room N–5649, U.S. Department of

Labor, 200 Constitution Avenue, N.W.,

Washington, D.C. 20210. Attention:

Application No. ll, stated in each

Notice of Proposed Exemption. The

applications for exemption and the

comments received will be available for

public inspection in the Public

Documents Room of Pension and

Welfare Benefits Administration, U.S.

Department of Labor, Room N–5507,

200 Constitution Avenue, N.W.,

Washington, D.C. 20210.

Notice to Interested Persons

Notice of the proposed exemptions

will be provided to all interested

persons in the manner agreed upon by

the applicant and the Department

within 15 days of the date of publication

in the Federal Register. Such notice

shall include a copy of the notice of

proposed exemption as published in the

Federal Register and shall inform

interested persons of their right to

comment and to request a hearing

(where appropriate).

SUPPLEMENTARY INFORMATION: The

proposed exemptions were requested in

applications filed pursuant to section

408(a) of the Act and/or section

4975(c)(2) of the Code, and in

accordance with procedures set forth in

29 CFR Part 2570, Subpart B (55 FR

32836, 32847, August 10, 1990).

Effective December 31, 1978, section

102 of Reorganization Plan No. 4 of

1978 (43 FR 47713, October 17, 1978)

transferred the authority of the Secretary

of the Treasury to issue exemptions of

the type requested to the Secretary of

Labor. Therefore, these notices of

proposed exemption are issued solely

by the Department.

The applications contain

representations with regard to the

proposed exemptions which are

summarized below. Interested persons

are referred to the applications on file

with the Department for a complete

statement of the facts and

representations.

Toyota Motor Credit Corporation and

Certain of its Affiliates, Located in

Torrance, California

[Application No. D–10438]

Proposed Exemption

The Department is considering

granting an exemption under the

authority of section 408(a) of the Act

and section 4975(c)(2) of the Code and

in accordance with the procedures set